The price of Russia's food import ban

Russia's ban on food imports will push prices up at home and cost Europe billions in lost exports.

Moscow retaliated against Western sanctions by banning imports of fruit, vegetables, meat, fish, milk and dairy products from the U.S., Europe, Australia and Canada. The U.S. and Europe imposed sanctions on Russia over the Ukraine crisis.

The ban is likely to hurt Russians the most as they will pay more for food, and is expected to deepen the country's economic woes. Russia relies on imports for about a quarter of its milk, dairy products and fruit, and slightly less for its supplies of meat.